Trading NR7 setup
- Thread starter AW10
- Start date
- Tags narrow range nr 7 nr4 option trade
- Status
Hi Dear AW10 as you said about contraction/expansion of market here i m attaching a chart with my views plz correct .........
Before budget market goes into consolidation mode /indecission forming a triangle then on friday we had a break out anticipating a good budget etc but on budget day we had a break out failuer and we again trade .... and that is now in profit .......
So when we get a consolidation pattern/sideways movement then can we expect that some move is comming ....?? and can trade for some time .... as market has already spent time in indecission mode now it will try to move ??
Have a look at it guys....we are having another narrow range movements within 4060 and 4080......kind of NR7 setup (not exactely)......But I always eager to know if we can apply NR7 setup in 5 min chart.....I think Sunil has tried to do that and will really appreciate if he can post his findings here....Me too trying to do similar thing but seeing not so good results....
I think it is important to keep in mind that NR7 is based on absolute calculation by checking the ranges in the past 7 days. After the election there were many WR days so a NR day might not have the kind of significance and again based on calculations in a series of NR days a day which has 1 pt more than the narrowest day in the past 7 may not be termed an NR day. While on daily charts NR5/NR7 are significant on smaller time frame charts then NR value might need to be increased (7+).
If you are looking to identify volatility changes then you can still use ATR, Bollinger bands (gives indication of volatility by expanding and viceversa) etc on intraday charts.
If you are looking to identify volatility changes then you can still use ATR, Bollinger bands (gives indication of volatility by expanding and viceversa) etc on intraday charts.
@Satyen
Satyen, don't get into the "why the move" things but "what if the move". There are many technical analysts who predict what will happen tomorrow and fail miserably. The goal of TA is not to predict the future or learn to do so. That said there are many good analysts that can do it fairly well. What you will need to learn is what you would do when there is a breakout and a breakdown. Everyone who trades sucessfully will tell you that trading is a game of probablity, why probability? because there is not certainty.
I don't recommend using pivots alone for taking positions but it can be used as a confirming indicator. I was one of the few who dismissed pivot point and sma as trivial but now I'm a believer!
Lets check if pivots can give us any directional cue. I'll be posting a small note on pivots for testing with this setup.
Yesterdays close didn't show much strength.
Today looking for a close above 4132 on spot to prevent further slide. Trend is clearly -ve.
Satyen, don't get into the "why the move" things but "what if the move". There are many technical analysts who predict what will happen tomorrow and fail miserably. The goal of TA is not to predict the future or learn to do so. That said there are many good analysts that can do it fairly well. What you will need to learn is what you would do when there is a breakout and a breakdown. Everyone who trades sucessfully will tell you that trading is a game of probablity, why probability? because there is not certainty.
I don't recommend using pivots alone for taking positions but it can be used as a confirming indicator. I was one of the few who dismissed pivot point and sma as trivial but now I'm a believer!
Lets check if pivots can give us any directional cue. I'll be posting a small note on pivots for testing with this setup.
Yesterdays close didn't show much strength.
Today looking for a close above 4132 on spot to prevent further slide. Trend is clearly -ve.
@Satyen
Satyen, don't get into the "why the move" things but "what if the move". There are many technical analysts who predict what will happen tomorrow and fail miserably. The goal of TA is not to predict the future or learn to do so. That said there are many good analysts that can do it fairly well. What you will need to learn is what you would do when there is a breakout and a breakdown. Everyone who trades sucessfully will tell you that trading is a game of probablity, why probability? because there is not certainty.
I don't recommend using pivots alone for taking positions but it can be used as a confirming indicator. I was one of the few who dismissed pivot point and sma as trivial but now I'm a believer!
Lets check if pivots can give us any directional cue. I'll be posting a small note on pivots for testing with this setup.
Yesterdays close didn't show much strength.
Today looking for a close above 4132 on spot to prevent further slide. Trend is clearly -ve.
Satyen, don't get into the "why the move" things but "what if the move". There are many technical analysts who predict what will happen tomorrow and fail miserably. The goal of TA is not to predict the future or learn to do so. That said there are many good analysts that can do it fairly well. What you will need to learn is what you would do when there is a breakout and a breakdown. Everyone who trades sucessfully will tell you that trading is a game of probablity, why probability? because there is not certainty.
I don't recommend using pivots alone for taking positions but it can be used as a confirming indicator. I was one of the few who dismissed pivot point and sma as trivial but now I'm a believer!
Lets check if pivots can give us any directional cue. I'll be posting a small note on pivots for testing with this setup.
Yesterdays close didn't show much strength.
Today looking for a close above 4132 on spot to prevent further slide. Trend is clearly -ve.
And it doesn't look like close above 4132 today...More probably we are in for 4080 close....Lets see...
Yes Dear lazytrader .......... dont bother about why the moves much ....
did trade that triangle break out and break out failuer and in profit now
Again what i wanted to say that once we get a sideways / consolidation pattern then can we expect there will be a move once we have a break out /break down....?? and i m not saying if break out happens it must go in the direction of break out but trying to say does market dont sit or goes into consolidation /sideways after this type of break out .... we keep on trading the breakout or if the break out fails also and after 2/3 trade sum shud be profit not in a single trade ...... trying to find out when to trade
Waiting your views
did trade that triangle break out and break out failuer and in profit now
Again what i wanted to say that once we get a sideways / consolidation pattern then can we expect there will be a move once we have a break out /break down....?? and i m not saying if break out happens it must go in the direction of break out but trying to say does market dont sit or goes into consolidation /sideways after this type of break out .... we keep on trading the breakout or if the break out fails also and after 2/3 trade sum shud be profit not in a single trade ...... trying to find out when to trade
Waiting your views
- Status
Similar threads
-
How do you manage risk when trading forex, especially during volatile market conditions?
- Started by ReggieFx
- Replies: 1
-
-
-
-